Saturday, January 20, 2018

Bitcoin Does Not Grow On Trees

Bitcoin does not grow on trees.
~ Ekenyerengozi Michael Chima

The price of #Bitcoin crashed to below $10,000 days ago from the record high $20, 000 in December 2017 and many investors panicked! Fears of suicide circulated as more than $200 billion was reported wiped off the cryptocurrency markets.

When Bitcoin’s price increased by over 1,100% last year, investors with foresight knew the price would crash.
It is logical.
I don't know how and why any intelligent person will call Bitcoin a scam or fake money when Bitcoin is the most expensive #cryptocurrency at the moment and that means it does not come cheap. You have to buy it with hard currency in US$, £, ¥, €, ¢ and other currencies. Bitcoin does not grow on trees. It grows in your Blockchain wallet.

For the non-coiners and newbies:
Bitcoin or #ether is money in digital currency in a decentralised system of exchange for worldwide transactions verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a #Blockchain.Circulating supply:
16,770,512 (as of 29 December 2017)Supply limit: ₿21,000,000Valuation: Exchange rate ￼ US$14.516 thousand (as of 29 December 2017)Market cap:￼ US$243.4 billion (as of 29 December 2017)

How does the Bitcoin work?
A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet.
~ https://bitcoin.org›how-it-works

Bitcoin currently has a market capitalisation of more than US$218.4 billion.
Ethereum's cryptocurrency Ether is second to Bitcoin and has a market capitalisation of US$131.5 billion, with one Ether priced at over $1,417.38 on Wednesday according latest report from CoinDesk.

Bitcoin is overpriced and I expect Ethereum to overtake Bitcoin in the long term, because it is more secure than Bitcoin and supported by a powerful global alliance of both government and private organizations in the world.

More than 116 companies; individuals, government agencies and NGOs, including more than 30 top banks, tech giants, and other organizations such as J.P. Morgan Chase, Microsoft, Intel, HPE, British Petroleum (BP), ConsenSys, CME Group, Cornell University's research group, Toyota Research Institute, Samsung SDS, Cooley LLP, Merck KGaA, DTCC, Deloitte, Accenture, Banco Santander, BNY Mellon, ING, National Bank of Canada, Japanese teleccom KDDI, the government of the Indian state of Andhra Pradesh and Sberbank, Russia's largest banking firm are members of the Enterprise Ethereum Alliance.

The Enterprise Ethereum Alliance connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts. Together, we will learn from and build upon the only smart contract supporting blockchain currently running in real-world production – Ethereum – to define enterprise-grade software capable of handling the most complex, highly demanding applications at the speed of business.

”Ether will overtake bitcoin as the market leader in under two years. Ethereum, the platform Ether lives on, has one advantage that distinguishes it from all other tokens including Bitcoin: An unstoppable network effect.”
~ Trevor Koverko, CEO of Polymath, a securities token platform.

”Effectively, Ethereum has the potential to not just provide the primary operating system for the new generation of the decentralized internet, but it also has the potential to forward integrate and become a public facing entity that serves as the primary point of contact between customers and DApps [Decentralized Apps]. In that scenario, its positioning would be similar to that of Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOGL), which the price point of Ether will reflect.”
~ Serafin Lion Engel, CEO of DataWallet.

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